SK bioscience Co., a pharmaceutical affiliate of South Korea’s SK Group, announced Wednesday that it has acquired 6.5 million shares of the U.S.-based biotechnology company Novavax Inc. for 110 billion won (US$83.4 million).
The strategic investment gives SK bioscience a 6.5 percent stake in Novavax. The two companies have also agreed to extend their existing license agreement on Novavax’s COVID-19 vaccine, which is currently under development for annual vaccination.
SK bioscience will have exclusive rights to Novavax’s COVID-19 variant vaccine in South Korea and nonexclusive rights in Thailand and Vietnam to supply and commercialize the vaccine.
SK bioscience said the agreement will help the company take preemptive action in the post-pandemic era in cooperation with the global partner Novavax.